402 Locust · Whitewright, TX 75491

$125,000

4 bd · 2.0 ba · 1,927 sqft · SingleFamily public records · 63 Days on market

Built 1900 $65/sqft · 52% below area

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Special – Prime Redevelopment Opportunity on Double Lot Attention investors, builders, and visionaries! This property presents a rare opportunity for a full renovation or complete redevelopment. Situated on are two spacious lots, totaling .33 acre. The potential here is unmatched—restore the existing structure or tear down and build two new homes. The current home is in need of extensive repairs and heavy rehab, making it ideal for experienced investors looking for their next project. With ample land and flexible possibilities, this property is perfect for maximizing value in a growing area. Whether you're looking to renovate and resell, create rental income, or develop new construction, this property offers endless upside. Sold as-is. No repairs will be made. Bring your plans and your vision! Listing agent is the owner of the property

Key facts

• Ample land
• Double lot
• Spacious lots

Tags

• DOUBLE LOT
• SPACIOUS LOTS
• AMPLE LAND

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $481 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 4.3% in Whitewright — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#457 in TX) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools C-, amenities F, commute F.
• Whitewright ISD (rural): math 57% / reading 49% proficiency, ranked #134 of 826 in TX (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 109 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); 2,272 units permitted in Grayson County in 2024 (750 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Grayson County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.33% ✓
• Cap rate: 10.92%
• Cash-on-cash: 16.51%
• DSCR: 1.73
• GRM: 6.3

CMA / ARV

• ARV (median comp): $260,606
• List price: $125,000
• Delta: -52.03%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
417 W Grand St	0.67mi	4/3.0	1,915 (-1%)	3mo	$250,000	$131	61
201 W Elm St	0.39mi	4/2.0	1,977 (+3%)	24mo	$289,000	$146	58
415 W Walnut St	0.65mi	3/2.0 (-1)	1,924 (-0%)	18mo	$175,500	$91	50
303 W Walnut St	0.50mi	3/2.0 (-1)	1,732 (-10%)	19mo	$325,000	$188	39
407 W Maple St	0.65mi	4/2.0	2,212 (+15%)	18mo	$220,000	$99	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.6%
• Equity multiple: 1.30×
• Total profit: $10,417
• Equity at exit: $18,638

10-year hold

• IRR: 16.9%
• Equity multiple: 2.39×
• Total profit: $48,583
• Equity at exit: $10,808

Cash invested: $35,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 75491

• Home prices YoY: -8.6%
• Active inventory: 109
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,663 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$125 /mo · $1,499/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $481

Break-even live

Break-even rent $1,054

Max offer price $125,000

Occupancy floor 66%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 S May St #1 Whitewright, TX	3.0	2.5	1229	$1,595	$1.30	15d	1	0.26mi
201 S May St Whitewright, TX	3.0	2.5	1229	$1,595	$1.30	1d	1	0.26mi
107 E Miller Whitewright, TX	3.0	2.0	1226	$1,725	$1.41	1d	1	0.36mi
706 Dixie Ln Whitewright, TX	3.0	2.5	1806	$1,950	$1.08	1d	1	1.18mi

Listing history 17 events

1. 2026-06-18
   days on market $125,000 Active 63 DOM
2. 2026-06-17
   days on market $125,000 Active 62 DOM
3. 2026-06-16
   days on market $125,000 Active 61 DOM
4. 2026-06-15
   days on market $125,000 Active 60 DOM
5. 2026-06-13
   days on market $125,000 Active 58 DOM
6. 2026-06-09
   days on market $125,000 Active 54 DOM
7. 2026-06-08
   days on market $125,000 Active 53 DOM
8. 2026-06-07
   days on market $125,000 Active 52 DOM
9. 2026-06-04
   days on market $125,000 Active 49 DOM
10. 2026-06-03
    days on market $125,000 Active 48 DOM
11. 2026-06-02
    days on market $125,000 Active 47 DOM
12. 2026-06-01
    days on market $125,000 Active 46 DOM
13. 2026-05-31
    days on market $125,000 Active 45 DOM
14. 2026-04-16
    price $145,000 877-char remark

    Show marketing remark (877 chars)

    Investor Special – Prime Redevelopment Opportunity on Double Lot Attention investors, builders, and visionaries! This property presents a rare opportunity for a full renovation or complete redevelopment. Situated on are two spacious lots, totaling .33 acre. The potential here is unmatched—restore the existing structure or tear down and build two new homes. The current home is in need of extensive repairs and heavy rehab, making it ideal for experienced investors looking for their next project. With ample land and flexible possibilities, this property is perfect for maximizing value in a growing area. Whether you're looking to renovate and resell, create rental income, or develop new construction, this property offers endless upside. Sold as-is. No repairs will be made. Bring your plans and your vision! Listing agent is the owner of the property

15. 2026-04-16
    listed $135,000 Active 877-char remark

    Show marketing remark (877 chars)

    Investor Special – Prime Redevelopment Opportunity on Double Lot Attention investors, builders, and visionaries! This property presents a rare opportunity for a full renovation or complete redevelopment. Situated on are two spacious lots, totaling .33 acre. The potential here is unmatched—restore the existing structure or tear down and build two new homes. The current home is in need of extensive repairs and heavy rehab, making it ideal for experienced investors looking for their next project. With ample land and flexible possibilities, this property is perfect for maximizing value in a growing area. Whether you're looking to renovate and resell, create rental income, or develop new construction, this property offers endless upside. Sold as-is. No repairs will be made. Bring your plans and your vision! Listing agent is the owner of the property

16. 2022-02-07
    soldstatus
17. 2022-02-07
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $1,499 · $125/mo
• Projected year-2 tax: $2,288 · $191/mo
• Expected delta: +$789/yr (+$66/mo · 52.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 6/10 Major 7 d/yr ≥109°F today · 20 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,959
• − Mortgage interest: −$7,002
• − Property taxes: −$1,499
• − Insurance: −$625
• − Repairs & maintenance: −$1,597
• − Management: −$1,597
• − Depreciation: −$3,636
• Taxable income: $4,004
• Est. tax owed @ 24.0%: −$961
• After-tax cash flow: $4,817/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Whitewright ISD
• NCES district ID: 4845670
• Math proficiency: 57% ▲ 1.00%
• Reading proficiency: 49% ▲ 2.00%
• Median HH income: $49,969
• Composite: 45.31/100
• National rank: #2648
• State rank: #134 of 826 in TX

Livability — Whitewright

• Score: 68/100
• State rank: #457
• US rank: #9255

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment F Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Whitewright, TX
• Population (ZIP): 5,428

Population outlook (Grayson County) Hauer SSP2

• Today (2025): 134,540 people
• By 2030: 138,653 · +3.1%
• By 2040: 145,958 · +8.5%
• By 2050: 151,218 · +12.4%
• By 2075: 161,802 · +20.3%
• By 2100: 159,036 · +18.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 7% Hispanic / Latino 7% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 2% Slovak 1% Italian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Grayson

• 2024 margin: Solid R (+54.3) · D 22.5% · R 76.7%
• 2008→2024 swing: -16.4pp toward R · 2008: -37.9pp · 2024: -54.3pp
• All cycles: 2024: R+54.3 2020: R+49.9 2016: R+53.1 2012: R+48.0 2008: R+37.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.85%
• Current HPI: 273.3968
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

+7.4% since first listed

4 events — show timeline

• 2026-04-16 Price Changed $145,000 NTREIS
• 2026-04-16 Listed $135,000 NTREIS
• 2022-02-07 Sold (Public Records) — Public Records
• 2022-02-07 Sold (Public Records) — Public Records

Property tax history

+2.0%/yr

Latest (2025): $1,499 · +5.7% YoY. Source: county tax records.